Green-transition minerals to meet 2030 goal, but risks ahead

London — First the good news: the supply of minerals critical to the green energy transition could move close to levels needed to support climate pledges by 2030, according to the first review of the sector by the International Energy Agency .

Risks of schedule delays and cost overruns have been “prevalent in the past” and “cannot be ignored” when projecting future supply, the IEA said. There is a significant step-up from producing technology-grade to achieving consistent battery-grade lithium. “This means that even with an overall balance of supply and demand, the supply of battery-grade products may still be constrained,” the IEA said.Though prices of some critical minerals such as copper have eased over the last year due to recession in the “old economy”, prices for most critical minerals remain well above historical averages as supply struggles to catch up with demand.

“The world has not yet successfully connected the dots to build diversified midstream supply chains,” the IEA said. “Each critical material has a unique geography of trade which, on an aggregate level, entangles countries in a broader web of interdependence,” Irena noted in a just-released report titled “Geopolitics of the Energy Transition”.The IEA’s assessment of progress on environmental, social and governance measures across 20 key companies shows headway being made on community investment, health and safety, and gender equality.

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